At the rate we're going, adding a trillion dollars of debt every three to six months, we should default on our interest payment within the next presidential term. Whoever is elected president this year will probably preside over the greatest economic disaster we have ever faced in our history.
Perhaps that is the intention of this current administration - social change through economic disaster.
Check out this website, National debt charts.
- 1900 - debt was 10% of our GDP
- WWI - 30% of GDP
- Great Depression - 40%
- WWII - 120% of GDP
- 1974 - dropped down to 32%
- 1990s - national debt doubled to 66%
- 2001 - down to 56%
- 2008 - up to 70%
- 2011 - 102% of our GDP
We were able to out grow our National Debt after WWII with the greatest increase of productivity and nation building that the world has ever seen. We saw a tremendous building of our infrastructure, but also a tremendous growth in private industry and manufacturing. Taxes were high, but profits even more so.
Can this be duplicated? Perhaps, if we had a leadership in both Congress and the White House that reduced unnecessary regulations, encouraged the development of all energy resources including fossil fuels, and provided incentives for businesses to bring profits back to the US.
I hate being so negative, but I don't see either major party putting the interests of the country over their own.
